NY investor sells Gables buildings for $9M

The sale of 42 apartments comes out to $205K per unit

TRD MIAMI /
Oct.October 30, 2017 01:00 PM

800-801 Capri Street in Coral Gables (Credit: Google Maps)

A local investor paid $8.6 million for two rental buildings in northern Coral Gables, with plans to renovate the properties and raise rents.

Capri Street Partners, a New York-based company controlled by Alfred Sayegh, sold the buildings at 800-801 Capri Street to Capri Elite Holdings LLC, led by Ivan Ryabushkin, according to property records. The 42-unit deal breaks down to about $205,000 per apartment.

The four-story buildings, built in 1969, span a total of roughly 57,000 square feet. The properties, which last sold for $6.3 million in 2014, sit across the street from each other.

Beacon Hill Property Group’s Matthew Martinez represented the buyer. One Commercial’s Leslie S. Cooper and Jesse Spencer of Compass represented the seller, which has ties to investor Burke Leighton.

“We’re in a Class A area with a Class C building and we feel we can bring the property to a [Class A],” Martinez said.

Current rents average $1.30 per square foot, according to Cooper. The buyer plans to raise them to $1.80 to $2 per square foot after renovations. Cooper said it would be easy to convert the apartments to condominiums, but declined to comment on the buyer and its plans beyond renovating the buildings.

Earlier this year, Shoma Group paid $15.2 million, or $323,000 per unit, for the bulk purchase of a 47-unit condo building in the Gables near the Shops at Sunset Place where it plans to develop a mixed-use project.

In 2016, a company owned by Sayegh and Samuel Matalon of Brooklyn paid $13.6 million for a 63-unit apartment building in Little Havana, about five miles away from the Gables buildings the Sayegh-led company just sold.


Related Articles

arrow_forward_ios
Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M

6855 Sunrise Drive (Credit: Google Maps)

Financier drops $13M for waterfront Coral Gables estate

Liz Hogan and 21 Casuarina Concourse

The biggest piece of land in Gables Estates just hit the market for $50M

A rendering of CocoWalk (Credit: iStock)

Sweetgreen expanding to Florida with first locations in Miami

5400 Hammock Drive and Timbaland (Credit: Getty Images)

Timbaland drops $8M on Coral Gables mansion

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

506 Sunset Drive and Justise Winslow (Credit: Getty Images)

Justise Winslow scores Coral Gables home

arrow_forward_ios
Loading...